So today I had my brother in the car turning the wheels so I could check and see if the idler arm on my 88 Iroc needed replacing, as I'm in the middle of re-doing the front suspension. While down there, I notice an excessive amount of leaking. Knowing the engine was off, and seeing that it was near the timing belt spocket, I figured it was power steering fluid.

I go under the hood and tell him to turn the wheels again, and sure enough power steering fluid is gushing out of the cap. I removed the cap and the fluid is all the way to the top of the reservoir, regardless of how much fluid I just lost.

I was thinking maybe I have to bleed air out of the line? Weather isn't too great today, so I just figured I'd come here for some thoughts and to see if anyone has experienced this before.

 

yes, if you had the PS system apart, there's air everywhere.
Jack the front wheels off the ground. Engine off, go lock to lock at least 5 full cycles. then engine on, and do it again. Make sure the cap is on; any air will cause fluid/air to come gushing out of the reservoir.
You might need to replace the cap. The spring loaded mechanism in it is designed to withstand some internal pressure and shouldn't allow what you're observing.

 

Probably needs a return line.

The way that works is, when you crank the wheel all the way to one side, NOT ONLY does the high-pressure side go to absolute max (something in the 1200 - 1400 psi range), BUT ALSO, there's suction in the return line and reservoir. When that happens, if there's a leak ANYWHERE, air gets drawn in, and the bubbles get pressurized with fluid, and then when the wheel comes off of full lock, the whole thing explodes into PS fluid foam like Mentos in a Diet Coke.

Replace the return line.

 

Good idea. I never had one bad enough on any of my vehicles to do that, but it's a strong possibility.

 

Thank you both for your replies! Will update when I am able to figure out the situation.